However, MyGreatLakes cannot lower the interest rates on their loans. However, buyers can switch with another lender to make sure they get a lower interest rate. Locking in a cheaper interest rate can shorten the time it takes to pay off the loan, lower the monthly payments, and lower the total cost. There are a lot of companies on the market right now that can refinance and combine student loans, like MyGreatLakes. The best rates for refinancing right now start at just over 2.5%.
The loan would no longer be owned or handled by MyGreatLakes if you choose this option. The terms of the new loan would only be set by the new loan deal.
MyGreatLakes Benefits
The Convenience: The Great Lakes mobile app makes it easy for students to keep track of when they have to pay back their loans.
- Pay bills and do other things more easily.
- Pay your college loans in the amount that works for you.
- Use a banking account that you already have or make a new one and save it.
- You can get to your account without going to the website if you sign in.
- Make sure the mobile app you use is very easy to create.
Stay Updated:
Regularly remember yourself to pay and confirm your payment every time you do.
Check your account details often to see things like your credit score, interest rates, lenders, and payment status.
Get information about the payment process on a frequent basis.
The Security:
Safe way to check your name.
A site with very strong encryption.
The new lender does all the work for you when you get a private loan. The buyout company is in charge of cutting the check and sending it to the Great Lakes. A MyGreatLakes return may need to be sent to the new backer right away. After you’ve paid back your Great Lakes loan, you can start paying back new business according to the rules of the new contract.